Nigeria: Tinubu's tax reforms will rescue economy from cabals — Senator Adeola
Senator Olamilekan Adeola, representing Ogun West in the National Assembly, has stated that the tax reform policy of President Bola Tinubu's administration will salvage the nation's economy from the influence of the 'cabal'.
He declared that the affairs of the country are no longer controlled by the 'cabal'.
Adeola made this statement on Monday in Ipokia during the 2nd Edition of the Mega Empowerment/Town Hall Meeting and Thank You Tour of Ogun West. He noted that Tinubu had made it practically impossible for the cabal to control the country's affairs.
The lawmaker said the country is on the path to economic recovery and steady growth.
'I'm happy that we have an economy now that is no longer in the hands of a selected few or guided by cabals.
'Tinubu's tax reform policy is for the best of Nigeria. Having spent more than 10 years in the Senate and as a member of different committees, I can tell you that I know more about how things operate.
'These reforms are for the good people of the Federal Republic of Nigeria; now we can say that we have an economy that is not guided by a selected few.
'When Tinubu assumed office in 2023, we had holistic and drastic changes to tax laws, and that is already yielding positive results. That is why, as your representative, I am in support of these policies. I want to specifically thank Mr President for a job well done,' he submitted.
He explained the rationale behind the empowerment programme, stating that the objective is to give back to his constituents as a form of gratitude for their belief in his capacity to represent them at the National Assembly.
While assuring them of more dividends of democracy, Adeola said he would continue to offer qualitative representation and facilitate more developmental projects for Ogun West.
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
12 hours ago
- Gulf Today
Outrage over Trump's electric vehicle policies is misplaced
Ashley Nunes, Tribune News Service Electric car subsidies are heading for the chopping block. A tax bill recently passed by House Republicans is set to stop billions in taxpayer cash from being spent on electric vehicle purchases. If embraced by the Senate and signed into law by President Donald Trump, the bill would gut long-standing government handouts for going electric. The move comes on the heels of another climate policy embraced by Republicans. Earlier this year, Trump announced plans to roll back burdensome rules that effectively force American consumers to buy electric, rather than gas-fueled, cars. The Environmental Protection Agency has called that move the 'biggest deregulatory action in US history.' Not everyone sees it that way. Jason Rylander, legal director at the Center for Biological Diversity's Climate Law Institute, assailed Trump's efforts, noting that his 'administration's ignorance is trumped only by its malice toward the planet.' Other similarly aligned groups have voiced similar sentiments arguing that ending these rules would 'cost consumers more, because clean energy and cleaner cars are cheaper than sticking with the fossil fuels status quo.' Backtracking on EV purchasing mandates seems to have hit Trump haters particularly hard. That mandate — established by President Joe Biden — would have pushed US automakers to sell more EVs. Millions more. Electric cars currently account for 8% of new auto sales. Biden ordered— by presidential fiat — that figure to climb to 35% by 2032. If you believe the hype, the result would be an electric nirvana, one defined by cleaner air and rampant job creation. I'm not convinced. For one thing, cleaner air courtesy of electrification requires that EVs replace gas-powered autos. They're not. In fact, study after study suggests that the purchase of EVs adds to the number of cars in a household. And two-thirds of households with an EV have another non-EV that is driven more — hardly a recipe for climate success given that EVs must be driven (a lot) to deliver climate benefits. Fewer miles driven in an EV also challenges the economic efficiency of the billions Washington spends annually to subsidise their purchase. Claims of job creation thanks to EVs are even more questionable. These claims are predicated around notions of aggressive consumer demand that drives increased EV manufacturing. This in turn creates jobs. A recent Princeton University study noted, 'Announced manufacturing capacity additions and expansions would nearly double US capacity to produce electric vehicles by 2030 and are well sized to meet expected demand for made-in-USA vehicles.' Jobs would be created if there were demand for EVs. Except that's not what's happening. Rather, consumer interest in EVs has effectively cratered. In 2024, 1.3 million EVs were sold in the United States, up from 1.2 million in 2023. This paltry increase is even more worrying given drastic price cuts seen in the EV market in 2024. Tesla knocked thousands of dollars off its best-selling Model 3 and Model Y. Ford followed suit by cutting prices on its Mach-e. So did Volkswagen and Hyundai. Despite deep discounts, consumer interest in electrification remains — to put it mildly — tepid at best. So, when people equate electrification with robust job creation, I'm left wondering what they are going on about. Even if jobs were created, EV advocates are coy about how many of those jobs would benefit existing autoworkers. Would all these workers — currently spread across large swaths of the Midwest — be guaranteed jobs on an EV assembly line? If not, how many workers should expect to receive pink slips? For those who do, will they be able to find new jobs that pay as much as their old ones? Touting job creation for political expediency is one thing. Fully recognising its impact on hardworking American families today, another. Some Americans may decry Trump's actions on climate, but they have only themselves to blame. Many of the pro-climate policies enacted, particularly during the Biden era, deliver little in the way of climate benefits (or any benefit for that matter) while making a mockery of the real economic concerns businesses and consumers have about climate action. No more. In justifying climate rollbacks, the president says many of his predecessor's policies have hurt rather than helped the American people. He's right and should be commended for doing something about it.
Gulf Today
2 days ago
- Gulf Today
Behind a Texas bill, a push to make gold ‘functional money'
Trevor Bach, Tribune News Service More than 50 years after the United States abandoned the gold standard, Texas lawmakers are moving to bring precious metals into everyday use. The new legislation, House Bill 1056, aims to give Texans the ability, likely through a mobile app or debit card system, to use gold and silver they hold in the state's bullion depository to purchase groceries or other standard items. The bill would also recognise gold and silver as legal tender in Texas, with the caveat that the state's recognition must also align with currency laws laid out in the US Constitution. 'In short, this bill makes gold and silver functional money in Texas,' Rep. Mark Dorazio, R-San Antonio, the main driving force behind the effort, said during one 2024 presentation. 'It has to be functional, it has to be practical and it has to be usable.' After picking up major amendments in the Senate aimed at ensuring the legislation complies with existing laws — most notably, the Senate nixed language from an earlier version that sought to establish an entirely new digital currency based on the metals — the proposal cleared both legislative chambers late last week, and was sent to the governor's desk on Sunday. Governor Greg Abbott does not appear to have indicated whether he intends to sign the bill. In a statement, Abbott's press secretary, Andrew Mahaleris, said the governor 'will thoughtfully review any legislation sent to his desk.' Dorazio and state Sen. Bryan Hughes, R-Mineola, who authored a companion bill in that chamber, did not respond to requests for comment. This year's gold and silver legislative push comes roughly a decade after Texas created the country's first state-run precious metals depository — and as Republican lawmakers around the country are pushing more broadly to move away from dependence on fiat currency, or money issued and backed by a central government. To date legislators in at least 11 states, including Utah, Oklahoma, Kansas, Arizona and West Virginia, have introduced bills that declare gold and silver as legal tender, or move for taxation exemptions on the metals, although many of those efforts have failed to become law. State and federal lawmakers, including in Texas, have also been pushing to expand the viability of cryptocurrency, including with government-held reserves. Texas' highest-profile piece of crypto-related legislation this year, Senate Bill 21, which would create a state reserve of bitcoin and potentially other cryptocurrencies controlled by the state comptroller, is now likely to become law after formally advancing through the state legislature on Sunday. 'Bitcoin doesn't need Texas,' Brian Morgenstern, a policy adviser for the Texas Blockchain Council, the state's leading crypto lobbying group, recently argued in an interview with The News. 'Texas and the United States need bitcoin, because it's this modern phenomenon that is an outstanding asset.' The anti-fiat movement generally argues that alternative currencies offer a hedge against inflation and a greater degree of autonomy, because standard-issue currency is theoretically vulnerable to government manipulation. While such concerns have been lingering for decades, more recently they've taken on a more heated pitch. Many see an inflection point amid rising inflation, ballooning federal debt, and a US dollar that recently slid to its lowest value in three years — all of which raise questions about the currency's central role in global finance. 'How am I supposed to buy groceries?' While several states have pushed for the legalisation of gold and silver, those efforts still left the metals functionally unusable, Dorazio has argued, because they didn't include a mechanism for making purchases. 'How am I supposed to go to the grocery store and buy groceries? How am I supposed to put gas in my car with a gold bar?' he said last year. 'Today it's an impossibility. You just can't do it.' HB 1056 aims to solve that problem by enabling the state comptroller to 'establish or authorise one or more electronic systems' for consumers and vendors to make and receive payments with their precious metals held in the state depository. The comptroller would also have the ability to contract the work to third parties and charge associated fees. The current version of the bill focuses on laying the groundwork for such a system without mandating that anyone — including merchants — actually take part. But setting up a functional Texas metals transaction operation would still likely cost tens of millions of dollars and likely prove extremely logistically challenging, including by requiring potential reconfigurations of the state's bullion depository in order to ensure the assets can be accounted for. In addition to many elected Texas Democrats and residents — some who were bewildered as the measure advanced through the legislature — fiscal watchdogs have opposed the bill because of the associated costs. Meanwhile, banking groups that include the Texas Bankers Association and Independent Bankers Association of Texas (IBAT), have raised objections over its lack of consumer protections.
Arabian Post
2 days ago
- Arabian Post
Musk's ‘Debt Slavery' Warning Intensifies GOP Spending Bill Debate
Elon Musk has launched a scathing attack on President Donald Trump's proposed $4 trillion tax and spending bill, branding it the 'Debt Slavery Bill' and urging Americans to pressure lawmakers to reject it. The Tesla and SpaceX CEO's criticism comes as the U.S. national debt approaches $37 trillion, with the Congressional Budget Office projecting the bill would add approximately $2.4 trillion to the deficit over the next decade. Musk's denunciation marks a sharp reversal from his previous role as head of the Department of Government Efficiency under Trump. In a series of posts on his social media platform, X, Musk described the bill as a 'disgusting abomination' and warned that its passage would plunge the nation into 'debt slavery.' He called on his 220 million followers to contact their representatives, stating, 'Bankrupting America is NOT ok!' The legislation, officially titled the 'One Big Beautiful Bill Act,' was narrowly approved by the House on May 22 and is now under consideration in the Senate. It includes permanent tax cuts estimated to reduce federal revenues by $3.7 trillion, offset by $1.5 trillion in spending cuts and nearly $300 billion in additional defense and border security funding. The bill also proposes significant reductions to Medicaid and food assistance programs, introducing new work requirements for recipients. ADVERTISEMENT Critics argue that the bill's fiscal measures disproportionately benefit the wealthy while placing undue burdens on low-income Americans. Senator Rand Paul of Kentucky has voiced strong opposition, labeling the debt ceiling increase as 'the greatest in U.S. history' and asserting that the GOP now owns the resulting fiscal consequences. Similarly, Senator Josh Hawley of Missouri has expressed concerns over the proposed Medicaid cuts, calling them 'morally wrong and politically suicidal.' Supporters of the bill, including House Speaker Mike Johnson, contend that the tax cuts will stimulate economic growth sufficient to offset the deficit increases. They argue that the legislation is necessary to maintain America's competitive edge and bolster national security. However, the CBO's analysis contradicts these claims, indicating that the bill would significantly exacerbate the national debt without delivering the promised economic benefits. Musk's opposition is not solely based on fiscal concerns. The bill's elimination of electric vehicle tax credits could adversely affect Tesla's bottom line, potentially costing the company billions. Additionally, the withdrawal of Musk's ally Jared Isaacman as a nominee for NASA administrator has further strained relations between Musk and the Trump administration. The controversy surrounding the bill has intensified as the Senate deliberates its provisions. Several Republican senators have expressed reservations, and the bill's passage is far from certain. Musk's vocal opposition has galvanized public discourse, with many Americans taking to social media to echo his concerns and urge their representatives to reconsider their support.
